现货市场交易疲软，期货合约大行其道，这是过去两年加密市场的真实写照。
The weakness of spot-market transactions and the proliferation of futures contracts represent the true picture of the encrypted market over the past two years.
伴随着衍生品交易的火热，衍生品交易所也成为了热门赛道，特别是 2019 年，成了兵家必争之地。大交易所争相布局，新团队接连涌入。
With the heat of the derivatives trade, the derivatives exchange became a hot track, especially in 2019, a place for the military. The big exchanges competed and new teams came in.
非小号数据显示，目前交易量前十的交易所中有 8 家都开设了期货交易；而在 2018 年之前，这个数字只有 2 家（BitMex 以及 OKEx）；火币、币安也在近两年相继入局衍生品市场；FTX 与 Bybit 成为 2019 年期货市场璀璨的两颗新星。
Non-nominal data show that 8 of the top 10 exchanges are now trading in futures; by 2018, only 2 (BitMex and OKEx) had entered the derivatives market for the last two years; FTX and Bybit had become two new stars on the futures market in 2019.
经过两年的发展，期货市场已经从 BitMex 与 OKEx 制霸的「两极格局」，变为「两超多强」的局面。
After two years of development, the futures market has changed from a bipolar pattern dominated by BitMex and OKEx to a situation of "two super strong".
所谓「两超多强」，即 Bitmex 与 OKEx 原有市场份额被新兴合约平台蚕食，但二者仍占据主导地位；其余多强，以火币、币安、Bybit、FTX 为代表。
, the so-called "two super strong", i.e. Bitmex and OKEx's share of the original market has been encroached upon by an emerging contract platform, but both are still dominant; the rest are represented by the tender, currency, Bybit, FTX.
“六家交易所做大做强，合力围剿期货市场，就像金庸小说里的六大门派。”有投资者挪揄道。
“The six exchanges are doing a great job, working together to round up the futures market, like the six-door faction of the Golden Yin novel.” There are investors moving the road.
六家合约交易平台究竟实力如何，数据如何？每家平台合约又有何特色？2019 年新晋「两强」Bybit 以及 FTX 又是如何崛起？本文将为读者逐一解答。
How powerful are the six contract trading platforms, and what are the data? What are the features of each platform contracts? How did the new two-strength Bybit and the FTX rise in 2019?
合约赛道竞争激烈，「六大门派」脱颖而出
The six-doors are out of competition.
现货交易所越来越难赚钱了，这是过去两年所有交易所从业人士共同的心声。
It is becoming increasingly difficult to make money on spot exchanges, a message shared by all exchange operators over the past two years.
2017 年 ICO（首次代币发行）项目盛行时，交易所可以通过不断上线新的项目赚取上币费。此外，彼时行情大好，比特币走势喜人，现货市场交易热情高涨，交易所通过手续费也可以赚得盆满钵满。
When the 2017 2018 年，行情急转直下，市场交易热情骤减，直接影响了交易所的收入。2018 年第二季度到第四季度，币安的利润也骤减一半。 In 2018, as a result of a sharp turnaround, market-trading enthusiasm had a direct impact on the exchange’s revenues. In the second to fourth quarters of 2018, the profits of the currency were also cut by half. 与现货市场的惨淡不同，期货合约交易量陡增。此时，期货交易成为交易所眼中的香饽饽，争相布局，仅 2018 年 10 月就有 20 余家期货交易所相继成立。当年 12 月，火币正式入局期货市场，上线合约交易。 Unlike the current market, futures contracts have increased dramatically. At this point, futures transactions have become the scene of exchanges, with 20 or more futures exchanges set up in October 2018 alone. In December of that year, the currency was officially entered into the futures market, on-line contracts. 到了 2019 年，合约市场的争战更趋激烈。一方面，原有加密巨头加大了合约市场的布局力图。其中币安以双平台姿势入局衍生品市场：全资收购主做加密货币衍生品 JEX 平台，并在主站推出合约业务 Binance Future。另一方面，新兴衍生品平台不断涌现，Bybit 与 FTX 正是诞生于这一时期，就连美国洲际交易所 ICE 也推出主做衍生品交易的 Bakkt 平台。 On the one hand, the pre-existing encryption giants increased the layout of the contract market. On the other hand, the currency was placed in the derivatives market in a two-platform position: full-time buyers were working on an encrypted money derivatives platform, the JEX platform, and launched a contractual business at the main site, Binance Future. On the other hand, the emerging derivative platform, bybit and FTX were born at that time, even ICE, the United States Intercontinental Exchange, launched the Bakkt platform, which deals in derivatives. 关于期货合约为何盛行，Bybit 联合创始人兼 CEO Ben 表示，加密衍生品的确定性收入是交易所选择的重要原因。 Regarding the prevalence of futures contracts, Bybit co-founder and CEO Ben stated that the certainty of revenue from encrypted derivatives was an important reason for the exchange's choice. “现在市场不好，其他盈利模式（上币费）不确定。对于交易所而言，期货合约的市场更大，收入也更稳定，可以真正帮助交易所穿越牛熊。”Ben 解释说，“对于投资者而言，经过熊市洗礼，山寨币的收益已经下降，其投资兴趣也转向了波动性更大的产品，期货合约的高杠杆特性正好符合了投资者的需求。” For an exchange, futures contracts have larger markets and more stable incomes, which can really help the exchange 币安联合创始人何一曾表示，币安拓展合约业务，也是为了获取增量用户。“不管合约能带来多少流量，对于币安而言都是增量。” How did the founder of the union say that the expansion of the contract was also intended to capture incremental users? “No matter how much flow the contract would bring, it would be incremental for the currency.” 币橙网统计数据显示，2019 年期货合约平均月交易量已达数百亿规模，其交易规模还在以现货交易量数倍的速度不断增长。以 BitMEX 为例，尽管 2019 年下半年加密市场下行，但整个 2019 年 BitMEX 的交易量相较于 2017 年的交易量扩大了 713 倍之多，此外这一数据也超过了币安的两倍。 Currency Orange Network statistics show that the average monthly volume of futures contracts in 2019 has reached 时势造英雄。2017 年币安抓住了现货市场的机遇，成功跻身三大交易所之列；2019 年的合约市场，虽然百家争鸣，但真正脱颖而出的终究是少数。 Heroes of the time. In 2017, the currency seized the opportunity of the spot market and successfully joined the three major exchanges; in 2019, the contract market, despite a hundred rivalries, was truly a minority. BitMex 与 OKEx 的头部地位依然没有动摇，火币、币安凭借先决优势转换赛道，成功占据了一定的市场份额，新兴的合约交易所中也只有 Bybit 与 FTX 真正杀出重围。 BitMex and OKEx's headlines remain unshakeable, and the coins and coins have successfully converted on the basis of a priori advantage to a certain market share, and only by Bybit and FTX are in the emerging contract exchange. 根据 Coingecko 数据，上述六家合约平台期货交易量在整个期货市场占比超过 85%。如果按照 24 小时综合期货交易量给其排序，应为：OKEx、BitMex、火币、币安、Bybit、FTX。 According to Coingecko data, the stock of futures in the six above-mentioned contractual platforms exceeds 85% of the total futures market. 由于上述六家瓜分了绝大部分期货市场，有投资者将其称为「六大门派」。“六家交易所做大做强，围猎期货市场，就像金庸小说里的六大门派。” Since most of the futures markets are divided among the six above, investors call them "the six-doors." "The six exchanges are very strong, they hunt the futures market like the six-doors in the Golden Book." 产品比较，各具千秋 Product comparisons, each with a thousand autumns 鉴于很多投资者对于这 6 家期货产品并非完全熟悉，我们决定对其进行测评，帮助大家更好理解各家产品。同时，各家产品中的共性以及差异性，对于其他合约交易平台，也有很好地参考价值。 Given that many investors are not fully familiar with these six futures products, we have decided to evaluate them to help people understand their products better. At the same time, commonality and variation in the products are also well referenced for other contractual trading platforms. 各家的期货产品不完全相同，我们将从深度、资金费率、标记价格、合约种类（保证金）、交易对数量以及合约保险等六个维度进行评测。 Futures products vary from one household to another, and we will evaluate six dimensions from depth, financial rates, price tags, type of contract (guaranties), volume of transaction, and contractual insurance. 1. 深度 1. Depth 对于合约用户而言，交易平台深度的重要性不言而喻。没有足够的深度，用户建仓、平仓也将产生极高的滑点，直接导致利益受损。我们比较了 6 家平台 BTC 永续合约交易对买、卖前三档的深度，统计结果如下： For contract users, the depth of the trading platform is self-evident. Without sufficient depth, the user's silos and silos will also produce extremely high slide points, directly resulting in the loss of benefits. We compare the depth of the six platform BTC permanent contract deals to the purchase and sale of the first three tranches, with the following results: 备注：火币选择样本是 BTC 当周交割合约交易对 Note: The sample of the gun selection is BTC when the contract deal is handed over. 在一众交易所，Bybit 深度是最好的，买卖前三档分布均匀，总量可以达到 380 万美元；紧随其后的是 BitMex ，其深度同样达到百万量级。而火币、币安、OKEx 以及 FTX，在深度上实际上表现得并不尽如人意。 In one exchange, Bybit's depth is the best, evenly distributed in the first three lines of trade, amounting to $3.8 million; next to it is BitMex, which has the same depth as a million. In fact, the depth of the gun, the currency, the OKEx, and the FTX are not as good as they are. （Bybit 交易深度截图，截图时间 3 月 8 日 14 点） (Bybit trade depth screenshot, March 8th, 14 p.m.) “我们会与一些大的做市商合作，要求他们在第十档设置正当防卫档，通常是 500 万美元的量级。当遇到极端行情时，这个档位时无论如何也不能被击穿。“Ben 解释说。 “We'll work with some of the big marketers and ask them to set up a self-defense slot in the tenth tranche, usually a $5 million scale. This slot can't be broken in any way in extreme behavior.” Ben explains. 实际上，深度影响最大的还是价格，尤其是极端行情，深度更能对投资者能起到强有力的保护作用。我们统计了近期极端行情下，6 家合约交易所的价格变化，如下图所示： In fact, the deepest impact is on prices, especially extremes, which are more powerful protections for investors. In recent extremes, we have counted price changes in six contract exchanges, as shown in the figure below: 从上图可以看出，在极端暴涨或暴跌的行情下，Bybit 以及币安价格波动较小。虽然与其他平台相差价格并不大，但在极端行情下可能就决定了用户是否会因此爆仓。毕竟，每一个数字的背后，都事关投资者利益的得失。 As can be seen from the figure above, bybit and currency price fluctuations are less volatile in extreme surges or collapses. While price differentials with other platforms are not large, they may determine whether users will explode in extreme events. 2. 资金费率 2. Funding rate 有别于交割合约，永续合约交易者可以一直持仓，没有到期日，除非自己平仓或爆仓。为了平衡多空势力，使永续合约市场价格锚定现货价格，资金费率应运而生。 Unlike cut-off contracts, permanent contract traders can remain in stock and have no expiry date unless they level their own upswings or explodes. In order to balance the many empty forces, the price of the permanent contract market anchors the spot price, the money rate should be raised. 资金费率并不是交易所收取的费用，而是在多空持仓双方之间进行支付，如果资金费率为正，多方（合约买方）支付空方（合约卖方）；如果资金费率为负，则空方支付多方。 The fund rate is not a fee charged by the exchange, but is paid between the multi-empty warehouse and, if the fund rate is positive, the multiple (contract buyer) pays the empty party (contract seller); if the fund rate is negative, the empty party pays the blank party. 资金费率越高，一方面反映出该平台多空势力差距悬殊，另一方面投资者所要付出的成本也就越大。 The higher the rate of funding, on the one hand, reflects the wide gap in the platform's power, and on the other, the greater the cost to investors. 从清算时间来看，五家平台资金费率都是每 8 小时收取一次，收取时间在 UTC 时间的 08:00、16:00 和 24:00。 In terms of liquidation time, the funding rates for each of the five platforms are charged every 8 hours at 08:00, 16:00 and 24:00 UTC time. 数据显示，五家平台的 BTC、ETH 永续合约中，币安以及 BitMex 资金费率最高；OKEx 资金费率最小，而 Bybit 资金费率最稳定，波动性最小。 The data show that the BTC, ETH and BitMex funding rates are the highest in the five platform contracts; the OKEx funding rates are the smallest, while Bybit funding rates are the most stable and volatile. 对于投资者而言，如果资金费率过高，可以考虑短时平仓。因为只有在该时刻持有仓位时，用户才需要支付或收取资金费用；如果在费用收取之前平仓，则不需要支付资金费用。 In the case of investors, short periods of time may be considered if the funding rate is too high. Because only when a warehouse is held at that time will the user have to pay or charge the fee; if the fee is leveled before it is collected, the fee will not have to be paid. 3. 标记价格 3. Mark price 早期，期货交易所通常使用场内交易交割作为标计价格，计算用户的未实现盈亏、保证金率等指标，这也导致「插针」事件频发。 Early on, futures exchanges usually used in-field trade cut-off as a price to calculate the user's unrealized gains and losses, bond rates, etc., which also led to frequent " stick-in " incidents. 过去两年，交易所在标记价格上不断完善，基本采用相同的模式：标记价格=现货指数价格+基差移动平均值。 Over the past two years, exchanges have continued to refine their mark-up prices, using essentially the same model: the mark-up price = spot index price + average moving base spread. 不过，对于现货指数，各家的计算方法不同，如下所示： However, for spot indexes, the method of calculation varies from one household to another, as shown below: 通过上图可以发现：BitMex 的现货指数最为简单，直接取三家交易所现货价格平均值，存在一定的风险；而火币以及 OKEx 选择四家交易所现货价格，权重各占 25%，稳定性提升不少；币安选择五家交易所现货价格加权平均，再次提升现货指数的稳定性；Bybit 是根据五家交易所每月交易量占比分配原始权重，如果价格出现异常，则降低该交易所的实时权重。因此，Bybit 的标记价格更加全面、可靠。 As can be seen from the above graph: BitMex's spot index is the simplest and there is a certain risk of taking the average of the spot price of the three exchanges directly; the coin and the OKEx choose the spot price of the four exchanges, each with a 25 per cent weight and a considerable increase in stability; the currency chooses the five exchange's spot price-weighted average, again increasing the spot index’s stability; Bybit is assigned to the original weight on the basis of the five exchange’s monthly turnover and reduces the real-time weight of the exchange if the price is abnormal. Thus, Bybit’s mark price is more comprehensive and reliable. “Bybit 采用了双套价格机制，从根本上杜绝了操纵场内价格引发的恶意爆仓行为，确保用户不被「插针」。”Ben 解释说，“即使以场内价格计算用户已经爆仓，但如果按标记价格计算，用户可能还未触及强平线，那用户仍能持有现有仓位。” “Bybit has introduced a double-price mechanism that essentially eliminates the malicious explosion of prices in the manoeuvring field and ensures that users are not "plugged".” Ben explains that “even if the user's warehouse is blown up at in-field prices, the user may still be able to hold an existing warehouse if it is not touched by the mark price.” 4. 合约类型 4. Contract type 期货合约最早使用目标交易币种（币本位）作为保证金，被称为「反向合约」。例如做多/做空 BTC，需要使用 BTC 作为保证金，盈亏也使用 BTC 作为结算单位。 Futures contracts are initially referred to as " reverse contracts ", using the target trading currency (in local currency). For example, BTC is used as a bond, and BTC is used as a clearing unit for profit and loss. 不过，反向合约却有很大的问题，也被人质疑为「畸形合约」。简单而言，如果用户做多 BTC ，真实的盈亏会随着行情波动变得更大，即当市场价格下跌时，交易者将损失更多保证金。市场迫切需要更加稳健客观的计价单位，正向合约应运而生，使用稳定币（通常是 USDT）作为保证金、计价和结算单位。 Simply put, if users do more BTC, real gains and losses will increase with volatility, i.e. when market prices fall, traders will lose more bonds. There is an urgent need for more robust and objective units of valorization, which are emerging from the contract, using stable currencies (usually USDTs) as guarantors, valorization and settlement units. 相比于反向合约，正向合约以 USDT 作为保证金，降低保证金价值波动带来的强平风险；在行情变化的时候，风险更可控，更适合非机构交易者；正向合约更容易理解，收益更容易计算。 In contrast to reverse contracts, USDT is being used as a bond to reduce the risk of volatility in the value of the bond; in times of change, the risk is more manageable and suitable for non-institutional traders; and in contracts it is easier to understand and the benefits are easier to calculate. 特别是 3 月 13 日比特币大跌 30%，正向合约的优势更加凸显。如果是反向合约，用户平仓后，由于比特币价格在下降，用户持有收益（比特币）也跟着缩水；如果是正向合约，用户平仓后持有 USDT，收益完全没有缩水，并且随着 USDT 出现大幅溢价，用户收益还略有扩大。 In particular, on March 13, Bitcoins fell by 30%, and the advantage of the contract is even more pronounced. In the case of reverse contracts, when users levelled down, the user holding earnings (bitcoins) shrunk as the price of bitcoins fell; in the case of active contracts, the user holding USDTs after levelling down, the returns did not shrink at all, and the user gains increased slightly with the USDT premium. 不过，也有投资者表示，其交易习惯是使用币本位作为保证金。 However, investors have also indicated that their dealings are customary in the use of currency as a bond. 因此，我们认为，合约交易平台最好兼顾两类投资者需求为佳。数据显示，六家交易所中，只有 OKEx 以及 Bybit 目前同时具备正向合约以及反向合约。 Therefore, we believe that it is best to balance the needs of two types of investors in a contractual trading platform. The data show that only OKEx and Bybit, of the six exchanges, now have both positive and reverse contracts. 此外，火币以及 Bitmex 依然侧重反向合约，币安以及 FTX 侧重正向合约。 In addition, the tender and Bitmex continue to focus on reverse contracts, currency security and FTX on positive contracts. 5. 交易对数量 5. Transaction to volume 目前期货市场有两种合约类型：交割合约以及永续合约，二者最大的区别在于有无交割日期。 There are two types of contracts in the current futures market: the contract of delivery and the contract of permanent renewal, the most important difference being the date of delivery. 虽然永续合约在 2019 年才迎来大爆发，起步较晚，但从发展现状来看，更多的合约交易所选择其作为标配，对于交割合约反而不是很「上心」。 Although it was only in 2019 that the permanent contract broke out and started late, given the current state of development, more contract exchanges chose it as a label, rather than as a "good idea" for the contract to be handed over. 数据显示，六家平台中有五家开设永续合约交易，唯一缺席的一家是火币。不过近日，火币合约相关负责人透露，火币接下来将上线永续合约。 The data show that five of the six platforms have long-term contract deals, and the only one missing is the coin. 此外，币安以及 Bybit 的交割合约目前依然空缺。 In addition, contracts for the delivery of currency and Bybit remain vacant. “用户期待的以季度、半年、全年为期限的交割合约，我们也将在 2020 年着手上线。“Bybit CEO Ben 告诉 Odaily星球日报。 "We will also be on the line in 2020 with the expected quarterly, semi-annual, full-year cut-off contracts." Bybit CEO Ben told Odaily Planet. 从交易对数量来看，OKEx 的交割合约数量最多，远超后五家总和。这也很好解释了，为何 OKEx 合约交易量超过 BitMex。 In terms of number of transactions, OKEx has the largest number of contracts to deliver, far beyond the last five totals. This explains why the OKEx contract trades more than BitMex. 不过，从永续合约交易对数量来看，FTX 以及币安遥遥领先。特别是今年年后，币安重点发力合约市场，平均每周推出一个合约交易对；而 FTX 的永续合约交易对中，也有不少类似 Matic 这样的山寨币交易对，波动性以及风险性较大，用户需要谨慎投资交易。 But, in terms of volume, the FTX and the currency are far ahead. Especially after this year, the market for key currency contracts has on average a weekly contract match; while the FTX deal has a number of brandy deals like Matic, which are more volatile and risky, and users need to be careful to invest in them. 颇为有趣的是，虽然 Bybit 交易对最少，但其交易量却远超 FTX。Coingecko 数据显示，Bybit 24 小时交易量超过 10.4 亿美元，而 FTX 只有 8.3 亿美元。 Interestingly, while Bybit is the least traded, it's far more than FTX. Coingecko data show that Bybit's 24-hour transactions exceed US$ 10.4 billion, while FTX has only US$ 830 million. 6. 合约保险 6. Contract insurance 合约用户最担心的，莫过于合约方向与市场走势相反，产生亏损。 Nothing is more worrying to contract users than the fact that the contract direction is contrary to market trends and results in losses. 保险作为一种降低风险和亏损的产品，近年来走入千家万户，但合约市场中保险产品仍处于空白状态。 Insurance, as a risk and loss-reduction product, has reached thousands of households in recent years, but the insurance product remains blank in the contract market. 在昨天下午的发布会上，Bybit 宣布推出了一款「合约保险」，弥补了合约用户的缺憾。Bybit 也是上述六家平台中，唯一一家推出合约保险产品的合约交易所。 At the launch yesterday afternoon, Bybit announced the introduction of a "contract insurance" to compensate for the lack of contract users. Bybit is also the only contract exchange to launch a contractual insurance product among the six platforms listed above. “合约保险即交易者在 Bybit 持仓合约后，可以为此合约购买保险。当用户投资未如预期，由于持有保险可以不同比例的对冲潜在损失。”Bybit 方面表示，“多空双向受保，保险赔付金额可提现。” “Contract insurance, i.e., if the comptoir has a warehouse contract with Bybit, it can be insured for the contract. When the user invests less than expected, there is a potential loss of hedges due to the holding of insurance in different proportions.” Bybit, for its part, states that “a multi-empty two-way insurance is available, and the amount of the insurance payment can be amortized.” 举个例子，交易者小秦持有 BTCUSD 永续多仓合约，同时买入多仓保险： For example, the dealer, Qin Qin, holds a BTCUSD multi-manufacturing contract and buys multi-manufacturing insurance: 市场价格上涨，获取永续合约上涨收益。如果当前指数价格高于保险买入时刻的指数价格，多仓保险过期无效作废 The market price increases and the benefits of a permanent contract rise. If the current price of the index is higher than the price of the index at the time of the purchase of the insurance, the multi-storage insurance will be cancelled. 市场价格下跌，永续合约亏损。如果当前指数价格低于保险买入时刻的指数价格，多仓保险对小秦赔付。 If the current index price is lower than the index price at the time of the insurance buy-in, the multi-prime insurance will pay Qin. 反之，空仓保险赔付过程相同。 Conversely, the unpaid insurance claims were paid on the same basis. 用心打磨产品的Bybit bybit 通过前文的产品评测，我们发现，相较于老牌的 BitMex、火币、币安以及 OKEx，Bybit 能够跻身一线合约交易所行列，确实有着自身的独到之处。 Through the previous product evaluation, we found that BitMex, the coin, and OKEx, Bybit were able to join a single contract exchange and indeed had their own uniqueness. 侧重用户端体验，选择专注打磨产品，这是 Bybit 能够在 2019 年的合约市场成功突围的重要原因。本期我们也将重点介绍一下颇为神秘的 Bybit。 focuses on user-end experiences, choosing to focus on grinding products, which is an important reason for Bybit to be able to break through the contract market in 2019. This time we will also highlight the mysterious Bybit. 自 2018 年 3 月成立至今，Bybit 已经走过了两个年头。虽然加密市场一直在快速更迭，但其合约产品至今只有 4 个交易对，新产品更新缓慢，着实令人不解：是人手不够，还是 Bybit 能力有限？ Bybit has been in existence for two years since its inception in March 2018. Although the encryption market has been changing rapidly, only four of its contractual products have been traded to date, and the new products are slowly being updated. Ben 告诉Odaily星球日报，Bybit 团队目前超过 150 人，研发团队核心成员来自摩根士丹利、腾讯、平安银行、诺亚财富等。之所以进展缓慢，并非不能上线新产品，而是他们的自我要求较高，必须将产品做到极致。
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